It will be worth $1.02 trillion in 2023 and $1.08 trillion in 2024. The mining market will reach $2.82 trillion in 2028, up from $2.27 trillion in 2024.
Top 20 Countries Importing Minerals Worldwide
Top 20 Countries Importing Minerals Worldwide: Minerals are important things that Earth makes. Steel is made from minerals, and semiconductors use silica. The International Mineralogical Association lists about 5,500 different kinds of rocks. The materials market is one of the biggest in the world. It will be worth $1.02 trillion in 2023 and $1.08 trillion in 2024. The mining market will reach $2.82 trillion in 2028, up from $2.27 trillion in 2024.
Minerals like mineral fuels, oils, ores, distillation products, salt, lime, sulfur, stones, slag and ash, and clay make up 18.1% of all trade in the world. With a trade value of $4.30 trillion, gemstones were the second most traded good in 2022.
The United States, Russia, Australia, Saudi Arabia, and Norway were the top producers of minerals in the world. Along with Norway, the US, Saudi Arabia, the UAE, and Canada were the top producers of minerals in 2022. It was Russia, Saudi Arabia, Australia, Norway, and the UAE that had the most natural goods traded between them in terms of value.
The biggest materials and mining companies in the world are Albemarle Corporation (NYSE:ALB), Zijin Mining Group Company Limited (HKSE:2899), and Freeport-McMoRan Inc. Albemarle is a US company that makes specialty chemicals and sells lithium, which is an important part of the electric vehicle (EV) business.
It has made a deal with BMW to send battery-grade lithium to help the BMW Group make high-performance, high-end EVs. That year, Zijin Mining Group Company Limited mined more than 1.01 million tonnes of copper, making it the first Chinese company to do so.
The company wants to boost its yearly production to more than 800,000 tonnes, and work is already underway on the second and third phases of the Julong Copper Mine in Tibet. Freeport-McMoRan Inc. makes a lot of molybdenum, which is used in many things.
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In the fourth quarter of 2023, the company reported earnings per share of $0.27, which was $0.04 more than what most people thought it would be. It also reported sales of $5.91 billion, which was $41.80 million more than what people thought it would be.
$47.4 billion in mineral imports in 2022
With $47.4 billion worth of mineral imports in 2022, Australia is one of the world’s top mineral importers. Minerals that Australia buys make up 1.10 percent of all minerals traded in the world.
$48.4 billion in mineral imports in 2022
In 2022, Brazil bought minerals worth a total of $48.4 billion, which was 1.13 percent of all minerals traded around the world. Brazil is the 19th country in the world that buys the most minerals.
$50.8 billion in mineral imports in 2022
It brought in rocks worth $50.8 billion in 2022. Canada is one of the biggest mineral dealing nations in the world. Its mineral products make up 1.18 percent of all mineral trade in the world.
$54.8 billion in mineral imports in 2022
Malaysia bought $54.8 billion worth of minerals from other countries in 2022. In 2022, Malaysia bought 1.27% of all the minerals that were traded around the world.
$55.4 billion in mineral imports in 2022
Thai mineral purchases were worth $55.4 billion in 2022, which was 1.29 percent of the world’s mineral trade.
Total Mineral Imports: $64 Billion in 2022
Mexico is the 15th most important country in the world for receiving minerals. In 2022, Mexico brought in rocks worth $64 billion.
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$87.6 billion in mineral imports in 2022
In 2022, Taiwan bought 87.6 billion worth of minerals, which was 2.04% of the world’s total mineral trade.
$90.6 billion in mineral imports in 2022
In 2022, Spain bought rocks worth a total of $90.6 billion. Canada is one of the biggest mineral-dealing nations in the world. Its mineral products make up 2.11 percent of all mineral trade in the world.
$104 billion in mineral imports in 2022
Singapore is one of the best places in the world to trade minerals. Minerals worth about $104 billion were brought into Singapore in 2022, which was 2.41 percent of all minerals traded around the world.
$107 billion in mineral imports in 2022
In 2022, Belgium bought minerals worth a total of $107 billion. Minerals that Belgium bought made up 2.49 percent of all minerals traded around the world.
$133 billion in mineral imports in 2022
The UK buys a lot of minerals from other countries. In 2022, the UK brought in rocks worth $133 billion.
$151 billion worth of minerals will be imported in 2022.
Italy is the ninth country in the world that buys the most minerals. In 2022, Italy bought minerals worth a total of $151 billion.
$152 billion worth of minerals will be imported in 2022.
France bought minerals worth $152 billion in 2022, which was 3.54 percent of the total mineral trade around the world. One of the top countries in the world that buys minerals is France.
$185 billion in mineral imports in 2022
In 2022, the Netherlands bought minerals worth $185 billion. In 2022, 4.30 percent of all minerals traded around the world went through the Netherlands.
$208 billion in mineral imports in 2022
In 2022, Germany bought rocks worth $208 billion. Germany is the sixth country in the world that buys the most minerals.
South Korea is one of the top mineral-importing countries in the world with total mineral imports of $212 billion in 2022. Minerals that South Korea buys make up 4.94 percent of all minerals traded in the world.
$258 billion in mineral imports in 2022
Japan ranks fourth among the top mineral importing countries in the world. Japan imported minerals worth $258 billion in 2022.
India is one of the largest mineral importers in the world. It imported minerals worth $291 billion in 2022, accounting for 6.78% of the total global mineral trade.
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Total Mineral Imports (2022): $329 Billion
The United States ranks second among the top mineral-importing countries in the world. The United States had mineral imports of $329 billion in 2022, making up 7.65% of the total global mineral trade.
Total Mineral Imports (2022): $623 Billion
China had the highest mineral imports in 2022 with total mineral imports worth $623 billion. China’s mineral imports made up 14.50% of the total global mineral trade in 2022.
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